After the Bitcoin price hit a new yearly high of $32,410 last Friday, June 23, the price rally has stalled for the time being. While the long-term outlook looks extremely bullish due to various Bitcoin spot ETF applications, there are currently a few reasons in the short-term which prevent a continuation for now.
Today, Wednesday, June 28, several negative news are weighing on the market’s sentiment. First and foremost, the depegging of the fourth largest stablecoin by market cap, TrueUSD (TUSD), may have unsettled investors. As Bitcoinist reported earlier today, the latest revelations surrounding Prime Trust have raised new doubts that TUSD is fully backed with reserves.
Remarkably, TUSD is the most important trading pair (BTC/TUSD) in the entire market, with around 15% and $2.6 billion in trading volume on Binance in the last 24 hours. The rumors could have a negative impact, as shown by previous stablecoin depeggings by USDT and USDC.
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Tue, 18 Apr 2023